Robotic process automation (RPA) vendor UiPath saw revenue skyrocket in Q3 to $220.8 million, a 50% year-over-year increase. The company credits its dealings with international banks interested in improving front- and back-end efficiencies, such as South Korea-based Hana Bank and Turkey-based Isbank.

“Hana Bank, one of the top three banks in South Korea, had a twin goal of reducing menial tasks done by employees and preparing for future labor shortages,” Daniel Dines, UiPath co-founder and CEO, said during Wednesday’s Q3 earnings call. “They started by automating tasks, which yielded not only cost reduction but more efficient HR management, then moved to cross-bank mega processes and have recently entered their fourth phase of deployment.”

Hana Bank applied automation to improve 80 processes with an estimated savings of around 1.5 million hours per year, Dines said.

Isbank, the largest private bank in Turkey, deployed RPA and artificial intelligence (AI) in an effort to reduce labor hours and improve employee experience and productivity, UiPath Chief Financial Officer Ashim Gupta said during the call.

“For example, Isbank … has successfully automated nearly 400 processes across 42 departments in two years,” Gupta said. “This has translated to 15 million transactions handled with savings of 600,000 working hours annually. They are also deploying UiPath process mining and AI technologies with chatbots.”

RPA can be leveraged to assist banks and other financial institutions with security measures, IT management and general regulatory concerns, Geoff Anderson, UiPath director of core platform marketing, told Bank Automation News in October.

“It could be anything from the regulatory environment they’re in and what they’re allowed to consume, assess, through to their preference on how they want to run their IT, how they think about their security posture,” Anderson said. “There is absolutely a use case for financial institutions.”

UiPath’s annual recurring revenue (ARR) in Q3 grew to $818.4 million, a 58% increase YoY, while net new ARR reached $91.9 million, a 42% increase YoY.

Looking forward to Q4 2022, the company expects revenue between $281 and $283 million, while ARR is expected to be between $901 to $903 million.

The earnings report comes one month after the company revealed its new on-premise solution and updated its cloud solution to UiPath 2021.10.

The New York-based company also announced a range of new partners to deepen its offering, including analytics automation company Alteryx and cloud data warehouse Snowflake.

Shares of UiPath [NYSE: PATH] were trading at $47.05 as of market close, up 0.45% from market open.

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